Our MoneyProblems.ca Debt Repayment Calculator compares the cost to you of 3 different payment options to pay off credit card, line of credit or similar personal debts.
Minimum Payment: What if you only make the minimum payment on your debt each month?
Fixed Monthly Payment: What if you pay the same fixed payment each month?
Payoff Period: You wish to pay off your debt over a set time period. For example 3 years.
Step 1: Debt Information
This is the amount you owe on your credit card (or line of credit) as shown on your last statement and the annual interest rate charged by your credit card (or line of credit) issuer on outstanding balances.
Step 2: Minimum Monthly Payment Plan
Your minimum payment is the required amount payable on your credit card (or line of credit) before your credit card company charges you a late payment fee. Your minimum payment is calculated each month as the greater of a fixed amount (eg $10) or a percentage of your outstanding balance (eg 3%). Minimum payment requirements can be found on your statement as part of the terms and conditions.
Step 3: Fixed Monthly Payment Plan
Enter a fixed amount that you could apply to your credit card debt (or line of credit) every month.
Step 4: Debt-Free Deadline Plan
Enter the amount of time you would like to take to pay off your debt.
However if you find you cannot afford to pay that much every month you may need to get help reducing your credit card debt. If this is your only debt, credit counselling may be your best option. If you have more debts, get an expert's opinion on your situation and the options available to you to get out of debt faster.
This calculator is for demonstration purposes.